Deadline has passed and no word of any bidder dropping out yet.:cb
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Deadline has passed and no word of any bidder dropping out yet.:cb
Quote:
Originally Posted by clerriehibs
Aye, I know mate, was just using HMRC v the Huns as a case in point :-)
Radio Scotland reporting only FoH met the deadline but expecting other two bidders to put in late bids tonight.
What's the point of a deadline then?:confused:
Quote:
Originally Posted by Spike Mandela
IIRC, there were about 40 deadlines during Rangers Administration.
Bob's warden just finishing off the letter now saying he has the money.Quote:
Originally Posted by Spike Mandela
Hope his name isnae sidney!Quote:
Originally Posted by desantos0773
That's how really big teams do things.Quote:
Originally Posted by keekaboo
Think BDO said "close of business" today. They do work long hours, the wee souls. :greengrinQuote:
Originally Posted by Spike Mandela
Quote:
Originally Posted by desantos0773
I Have said for weeks that the big L Is on the way BDO Are just stringing the yams along the 7k season tickets *****ed away is the final nail the house of cards will implode very very soon.:na na:
SSN mentioned an improved offer by FoH, Anyone know what it is?
Wow. You ever thought of writing a book? Prophets, Seers and Sages through the Ages? Sidney's Almanac?Quote:
Originally Posted by sidneyhibbie
Given that we know nothing about the original offer, other than what's been guessed at, I'll guess it's "guess plus 10%".Quote:
Originally Posted by PatHead
:cb
Looking at this thread on Keekback some were worried after watching Jackson's interview on STV earlier that the FOH bid could have been too low and they may have been forced to drop out, so it may be that they have upped it just to make sure they are not kicked out of the process.Quote:
Originally Posted by PatHead
Some of them seem to think that the Massone bid may be the closest to being the preferred bidder, although they get a hard time for not supporting the FOH bid.
Link below to thread & STV interview (in case anyone missed it earlier)
http://www.hmfckickback.co.uk/index....-exit-process/
http://sport.stv.tv/football/clubs/h...-buy-the-club/
Interesting part of the STV interview where Jackson says that the fans have given & given & given & there will come a time when they cannot give any more.
If he believes that is the case then how can he accept the fans funding FOH is anything but a short term solution & cannot be accepted as proof of funding long term.
Quote:
Originally Posted by Onion
this, unfortunately
not pleasing :(
Two more have pledged bringing another £20 to the table.Quote:
Originally Posted by PatHead
Quote:
Originally Posted by Phil MaGlass
That Brian Jackson interview should be pretty chilling to any Yam.Quote:
Originally Posted by YehButNoBut
If the money for the 7,000 STs sold before admin is gone, are they going to honour those STs and let them in anyhow? Or ask them to pay again. Presumably there's a big crossover between ST Holders and FOH pledgers, so if they say the season tickets are void they might just cancel their DDs to FoH sooner rather than later.
No way the SPFL can expect them to fulfil their fixtures next season though - no bidder has enough working capital to see them through it seems.
The idea of a club being run on pledges is ridiculous. What will happen when a number of the pledgers realise they can't afford what they are pledging and pull out?
Ridiculous idea that will never work surely.
It sounds like (I can't seem to view it on my phone.) the focus of the interview is on the working capital part of the bid which you would think would be least important to the lithunians. Could this be because the football authorities have set a deadline for BDO to show that Hearts will be able to complete their fixtures.Quote:
Originally Posted by jacomoseven
There has been total silence on the subject from the SPFL but useless as they are I don't believe for a minute they are doing nothing.
Also, how many days to the derby? Would tickets not normally be on sale by now?
Some people on here wonder why others question the ability of BDO to do the right thing for the creditors or even question their integrity. Is it any wonder people doubt them when Brian Jackson still refers to UBIG as a bank in today's video! He even manages to talk about their 50% of the shares without mentioning that even if they are in admin in 2-3 weeks they as an asset of UBIG will still be frozen by the courts in Lithuania!Quote:
Originally Posted by YehButNoBut
TOSSER!
Welcome back....Quote:
Originally Posted by sidneyhibbie
Everything in scottish football is ridiculous. The authorities have stood back and allowed this lot to make a mockery of the game in Scotland, or should that be an even BIGGER mockery. Where does this leave Morton ? Do they care ? Do they ****.Quote:
Originally Posted by essexhibee
Imagine however a scenario where The Rangers had finished 2nd behind Partick Thistle last season, do you think we'd still be in this predicament ?
The authorities in the country have to go alone with the gorgay mutants.
Rant over.
GOOD To Be
Surely, while the club is the same legal entity as it was before admin, and if it's flogged as a going concern, then STs must be honoured? They'll only become worthless in the event of liquidation, no?Quote:
Originally Posted by jacomoseven
If FOH are not given preferred status, does all the money that has been collected get returned :confused:
Minus an Admin charge , yesQuote:
Originally Posted by H18sry
Of couse they will. Like all other creditors, they'll get a full refund of 8p in the £ :aok:Quote:
Originally Posted by jacomoseven
How can it? It's been given to the administrators to spend to keep the club afloat and has now been spent.Quote:
Originally Posted by AndyM_1875
I think the original plan was to refund the payments if the bid failed but that changed when they went into admin.
So what have the other bidders invested to keep them afloat :titanic: does the fact that they are using FOH cash not give them an unfair advantage when preffered bidder status is announced.Quote:
Originally Posted by bingo70
FOH haven't collected any money from fans (yet).Quote:
Originally Posted by H18sry
Quote:
Originally Posted by bingo70
FOH haven't put any funds into Hearts.Quote:
Originally Posted by H18sry
They're offering to buy Hearts out of administration, with up front capital from a few investors. Then they are proposing to fund ongoing cash deficits with these pledges from fans.
What about all the bake sales and functions they have been holding and the charity football match they had last week that has raised money for FOH ?Quote:
Originally Posted by Part/Time Supporter
According to some ITK over the road FOH was the lowest of the 3 bids and less than half the value of the highest bid
"Despite FoH knowing all that, their bid was a distant third out of three, and less than half the top bid. That's makes me nervous that perhaps (just perhaps) they are trying to be a bit too clever, and that they may risk losing the chance to buy Hearts, in an unsuccessful attempt to save a few quid."
I was referring to the bank account pledges.Quote:
Originally Posted by H18sry
As far as I am aware most of the "charity" fundraising over the last month or so has been providing funds to Hearts directly, rather than FOH.
If we're getting 15K at say an average of £12 tonight that's £180,000. Just think what a difference that would have made to our pink pals if they had a game as well. Never mind some Borders ream gave them a couple of hundred quid so #allisbarry
Happy Thursday :greengrin
Nice bouncy Euro game to look forward too at ER
Down at Gorgie its just a day for brown envelope opening by BDO to see if any of the 3 Bidders actually do have a pot to pee in
:cb
They are going to give it to the Jamesie cotter type yam from the Inch so he can block book buses to get the 400,000 to Elgin and Peterhead.Quote:
Originally Posted by H18sry
I wonder when the SPFL take a moment to think about the implications of hearts being bust by Christmas? Season starts soon...
This is one of the bigger red herrings in this situation.Quote:
Originally Posted by joe breezy
1. There was no provision in the SPL rules for the board to make a "you must put up £x before the season to guarantee your fixtures".
2. Even if there were such a provision in the SPFL rules, as there was in the SFL rules in relation to Livingston, it would be highly controversial for it to be used.
3. If they did make such a demand of a club in administration and they were unable to comply, it would severely reduce the likelihood of that club surviving insolvency.
If Hearts are unable to fulfil their fixtures, or have to apply for a share transfer to a new Hearts company, then the SPFL will make a decision. Not before.
I have now watched it twice.Quote:
Originally Posted by Fat Penlon
BJ doesn't call UBIG a bank. Twice, he refers to the "bank in Lithuania". And the "50%" he mentions is , as I heard it, the shares held by UKIO in UBIG.
Slightly off-topic, but even the church recognises that the game is up for the Jambos and their pals...http://www.bbc.co.uk/news/business-23433955 :tsk tsk:
Interesting, I thought they'd be finished before the season starts, makes it more fun I suppose...Quote:
Originally Posted by Part/Time Supporter
beat me to it..............its going to be interesting from the busines plan front, I appreciate that this isnt going to kick in straight away, but surely must focus some minds of anyone investing etc.............allgood!Quote:
Originally Posted by leithsansiro
They are not bidding half because they are trying "to be clever", they are bidding half because that is the best (estimate) they can bid on the pledges they've received.Quote:
Originally Posted by Dalkeith
Massone Hearts bid goes through
Controversial former Livingston owner Angelo Massone has reportedly handed in a last minute bid for Hearts, just hours after fans’ favourite the Foundation of Hearts put in their proof of funding.
FoH were the only group to meet the 5pm deadline, but sources claim that Massone’s 9pm offer would give creditors twice as much cash as the FoH. (Edinburgh Evening News)
They owe £25 million.
They have 400,000 fans.
All they need is £62.50 each and their problems are solved no? :rolleyes:
Simples :D
#allisbarry
ENDOF
ENDOF :thumbup::D:eek::D:cool::beer:Quote:
Originally Posted by Dalkeith
:DQuote:
Originally Posted by StevieC
Can't see this happening to be honest, his track record speaks for its self, still one crook out and another one in, its the yam way forward.Quote:
Originally Posted by Dalkeith
So Borders Boaby's bid of 100 used trainers never made the cut then? Another Club 9 success story!Quote:
Originally Posted by Dalkeith
Scotsman reporting it here, seems to be taken from the Daily Mail.Quote:
Originally Posted by HIBERNIAN-0762
http://www.scotsman.com/sport/footba...hibs-1-3014092
I keep reading about these pledges being part of the bid and I still find it odd as tae how these can be considered as part of any bid when they are in nae way guaranteed income, they could be cancelled at any time. How can they can be counted as a realistic part of any bid when that is the case?Quote:
Originally Posted by StevieC
All 3 still in
http://www.edinburghnews.scotsman.co...fers-1-3014198
Aren't the FoH DDs due to start next month? Unless they delay, there's a chance that FoH will be taking money from people's accounts without even being granted preferred bidder status.Quote:
Originally Posted by Part/Time Supporter
A typical Yam response might beQuote:
Originally Posted by Dalkeith
How can this be true? We have a foundation with an MP and everything, we have pledges that will never end, some of them are even from hearts fans.
The man is nowhere near a big enough crook for the big team, never will be a dear leader - what countries population has he ever robbed FFS?
Where is he getting the money from? bound to be dirty money and its not as if he is borrowing it from himself.
Not a single promise about Champions Leagues, megasuperhotelstadium, splitting the OF, Christ I bet he doesn't even know how to put a planning application into cardboard boxes.
Absolutely no evidence that he can dance or captain a submarine. We should just say we want someone more Yam minded - we can do that, can't we Mr Murray MP sir? after all we are a big team who won the cup and a war.
Maybe we should have got together earlier to form a committee to vet candidates and say who we want and at what price, if that Cowell guy can do it on X Factor there's no reason why we can't, we are bigger than X Factor.
I am really hoping that we haven't done all that baking only to find that the new Mr Kipling is some lightweight in the international money laundering and financial crime world, just not hearts class, I can't see him lasting any where near as long as Vlad in the international hide and seek game with the cops and the gangsters.
Brilliant if the best £ bid for the creditors is Massone..the end is nigh
Looks like they have examined all three offers.Quote:
All the relevant documentation has now been sent to Lithuania where it will be examined by administrators acting on behalf of Hearts’ main creditors
Attachment 10699
Let me be the first to bring you an exclusive interview with the administrators
http://www.youtube.com/watch?v=x4Vp642ERhM
On 'Sick-Bag', a thread 'FOH officially the only show in town' (taken from an article in 'The Scotsman') -
http://www.hmfckickback.co.uk/index....-show-in-town/
"I wonder how much the admins are allowed to intervene? For example if the CVA amount offered's twice as high but there's no proof of funding going forward, can they strike the bid on the basis it would be irresponsible to flog a business with no income to meet its outgoings for the next year?
Jackson seemed quite pointed in his interview yesterday that the bid's as much about the operating cash as it is the CVA money, seemed like it was a warning to Massone. Remember that if you total the first bids up, FOH offered more than a million more"
Yup, the Lithuanians will move 'Heaven & Earth' to save the little business that managed to waste (at least) a minimum of £60m of their money.
Source of Debt Debts Million Comment Link Original 22 debt for equity swaps on two years to UBIG 2 Forgiven by UBIG on take over http://news.bbc.co.uk/sport1/hi/football/teams/h/heart_of_midlothian/4570516.stm 8.8 Forgiven by Panama subsuduary company 2011 7.9 payment from FC Kaunas Total converted/forgiven 40.7 Current debt 25 Total
And Lith admins will take £2m and some cakes!65.7
Is it the case that if the only bid on the table is, say for instance 2 million - the liths can either accept that bid or decline it and get nothing?
No.Quote:
Originally Posted by Sconaldo
Rejecting an offer in that way would lead to liquidation. In a liquidation, they would get their share of whatever the market paid for the assets.
They winnae get nothing, they have the security on the piggery.Quote:
Originally Posted by Sconaldo
Ahh, thank god their is people like you on here so people like me can understand this mobs situation.Quote:
Originally Posted by CropleyWasGod
I thank you.
:agree: I'm backing Massone all the way. He certainly meets my main criteria for investors in Hearts, in that he's clearly a crook only interested in asset stripping. Go for Angelo!!Quote:
Originally Posted by Dalkeith
Quote:
Originally Posted by leithsansiro
http://www.edinburghnews.scotsman.co...fers-1-3014198
That could catch on....#goforangelo!!!Quote:
Originally Posted by leithsansiro
STV news
Quote:
STV has learned that BDO still have concerns about all three bids but are satisfied with the documentation they have received so far. Administrator Bryan Jackson has forwarded the details of all three offers to Ukio Bankas' administrators in Lithuania and expects to hold discussions with them on Thursday afternoon.
Well done! post no. 25000 on the thread!Quote:
Originally Posted by Dunderhall
"A CVA at Hearts still hinges on former parent company UBIG entering administration in Lithuania.Quote:
Originally Posted by Dunderhall
The holding company is expected to have a court-appointed insolvency process confirmed some time in August.
At that moment BDO would be able to start negotiating to release UBIG's 50% shareholding in Hearts."
They can negotiate all they want but there's nae chance of the shares being unfrozen while UBIG are under criminal investigation
Quote:
Originally Posted by #FromTheCapital
essentailly the Lith government are the adminsitrators. They will laugh the bids out of town but may sanction the sale of Tynie in a liquidation sale and put the proceeds in trust until the Romanov swindle is unbundled.
They still hanging by a fingernail? Just go newco ya bunch o stupid yams. You know you have to.
..that makes you realise how lucky you are to be a hibby.
New bucket seats to make our UEFA compliant stadium look even better than it is.
A brand new 200k striker.
A European night ahead of us.
Hearts are ****ed.
Anyone got anything else to add?
5-1 1902 forever in their shadows thoQuote:
Originally Posted by Sconaldo
http://www.youtube.com/watch?v=RRLQs0w4ExYQuote:
Originally Posted by Technofob
Had a wee look over there and their current focus is on compiling a list of articles about Hibs players getting arrested and so on.Quote:
Originally Posted by Sconaldo
From a team who have employed their share of sex offenders and who have had recent players done for drink driving and coke use its fairly desperate.
Quote:
Originally Posted by Sconaldo
Now you ask... Here's all we don't have....
No employees on the register...
No owner/former owner captured on YouTube slapping our players in the puss
No asbestos at Easter Road
No hole in the roof
No begging emails for players wages each month
No stupid Russian hats or talk of submarines and such like
No failed planning permission for stadium development
No linkage with Satan as a 'celebrity fan'
No chance of our failing to exist when the season kicks off next week
No laughing stock of football tag attached to us for five plus years of sheep like following and abject stupidity
No beautiful people adverts
No mandatory cake sales to pay staff wages
No players picked by fax machine
No silly claims of Brazilian word cup stars not materialising
No revolving door of managers in less than a decade
No liquidators
No maroon
No daft explayers leaving us and making a gig of themselves with shirt numbers for a team that will soon cease to be
No flats on our pitch
No failure to beat our local rivals at the last time of asking when it might be the last time ever
No gorgie
No Foulkes, Salmond or Corbett
No lack of hope for the future as our rivals hang on by a thread with nothing more than b list celebs making silly hand gestures and in the process calling us fannies under their breaths
.... There's more. :D
no Wonga (although there's a fair amount of wonga)Quote:
Originally Posted by Bad Martini
Hibs fan wins bbc sports personality of the year (NAP):agree:Quote:
Originally Posted by Sconaldo
Even Nike can't totally screw up the inherent rightness of green.Quote:
Originally Posted by Sconaldo
Not even Prada could make maroon acceptable or desirable.
No comparison!Quote:
Originally Posted by Bad Martini
[QUOTE=Bad Martini;3686570]Now you ask... Here's all we don't have....
No employees on the register...
No owner/former owner captured on YouTube slapping our players in the puss
No asbestos at Easter Road
No hole in the roof
No begging emails for players wages each month
No stupid Russian hats or talk of submarines and such like
No failed planning permission for stadium development
No linkage with Satan as a 'celebrity fan'
No chance of our failing to exist when the season kicks off next week
No laughing stock of football tag attached to us for five plus years of sheep like following and abject stupidity
No beautiful people adverts
No mandatory cake sales to pay staff wages
No players picked by fax machine
No silly claims of Brazilian word cup stars not materialising
No revolving door of managers in less than a decade
No liquidators
No maroon
No daft explayers leaving us and making a gig of themselves with shirt numbers for a team that will soon cease to be
No flats on our pitch
No failure to beat our local rivals at the last time of asking when it might be the last time ever
No gorgie
No Foulkes, Salmond or Corbett
No lack of hope for the future as our rivals hang on by a thread with nothing more than b list celebs making silly hand gestures and in the process calling us fannies under their breaths
.... There's more. :D[/QUOTE
No Hearts in Europe :flag:
No flour left in Gorgie!Quote:
Originally Posted by Bad Martini
Less than no points.
No Hearts :):):)
Sent from my GT-I9300 using Tapatalk 2
(BN) Lithuanian Court Names Administrator for Hearts Owner, VZ S
ays
+------------------------------------------------------------------------------+
Lithuanian Court Names Administrator for Hearts Owner, VZ Says
2013-07-25 14:10:21.349 GMT
By Bryan Bradley
July 25 (Bloomberg) -- A Lithuanian court today started
bankruptcy proceedings against UBIG, the company controlled by
investor Vladimir Romanov and the majority owner of Heart of
Midlothian soccer club in Scotland, Verslo Zinios reported.
The district court in Kaunas appointed firm Insolvensa UAB
as UBIG’s administrator, the business newspaper reported, citing
a spokeswoman for the court. The decision can be appealed with
10 days, the newspaper said.
So is this the 'right' or the 'wrong' administrator?:confused:
Thought reports said 3 weeks til this happened, although I remember reading today was d day.
should get interesting now...
That's a different firm from the one liquidating Ukio (Valentas).Quote:
Originally Posted by Lix
A little mud in the water can't be a bad thing?Quote:
Originally Posted by Part/Time Supporter
Couple of things, if they rejected it would BDO give the bidders another shot to see if they can come up with more dosh?Quote:
Originally Posted by CropleyWasGod
Lastly, the way I see it is that there isnt going to be a CVA as any bids less than the secured amount goes straight to Ukio so nothing left in the pot for a CVA? or, are these 2 million etc bids split, 1 million for secured creditor and 1 million for CVA?
Clearly there will not be a CVA until the size of the bid exceeds the value of the PBS as development site.Quote:
Originally Posted by HFCDaveA
Then it will have to satisfy the administrators for UKIOS and UBIG. That all assumes that the Lithuanian Courts remove the embargo on the sale of UBIG assets.
That will probably take months if not years?
No Yam recently won 'WIMBLEDON' !!!!Quote:
Originally Posted by Bad Martini
It was always going to be a different firm - I never had any doubts.Quote:
Originally Posted by Part/Time Supporter
1. if the bids are miles away from what the Liths want, there's no point in giving them another shot. It would be a waste of money.Quote:
Originally Posted by HFCDaveA
2. the bidders will have to specify how much is for the secured creditor(s), and how much for the unsecured through the CVA. So, in theory, someone could bid £1m for each.
Massone has said that his plan would see Hearts playing at Tynecastle for the next millennium - this is the kind of reasoned, highly practical promise that will get the Yams clamouring for him.Quote:
Originally Posted by Bostonhibby
Can we get banners and Tshirts made with this on them ?Quote:
Originally Posted by leithsansiro
10 days would take them into new season. Although the Admins of Ukio/UBIG can still reject the pathetic offers unless Massone has capital or another way of funding club from Dec to end if season. Think admins would take Massone offer. BDO have then to decide if Massone can keep club going.
He's definitely shaping up to be the people's choice.Quote:
Originally Posted by jacomoseven
Can he sail a submarine?Quote:
Originally Posted by jacomoseven
... and mind folks.
The next time you meet a jambo let them know about the 15,000+ tickets sold and with a big grin on your face say LOADSA MONEY - CAUSE WE ARE SO MUCH RICHER THAN YOUW
Quote:
Originally Posted by jacomoseven
A Thousand-Year Reich?
The last one didn't last very long.
So if they cant make a decision for 2 weeks, which then starts the season, do they just get to play in the SPFL without giving any assurances they will survive.
I wonder when Doncaster is going to grow a set of balls and actually make a statement on this, or has he been to busy re-branding us to match england??
@STVSport: Hearts majority shareholder UBIG enters bankruptcy in Lithuania http://t.co/KlYSJUBeAt
Quote:
Originally Posted by Leishy1995
Oh good, that makes everything OK then.
I don't actually know what it means. Was hoping someone would explain the possibilitiesQuote:
Originally Posted by keekaboo
Should Hearts get another 15 point penalty now that their parent company has suffered an insolvency event?
Hearts have told the SPFL that if they are not allowed to sign players they won't have enough of a squad to fulfil fixtures.
They are basically threatening to throw the league into chaos unless they are allowed to sign some players.
Supposedly Naysmith, Webster and Boyd are all ready to sign.
It's the only way we are safe with Pat in charge. :-)Quote:
Originally Posted by matty_f
No, I think they should get it just cos it'd be funny.Quote:
Originally Posted by matty_f